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1031 Exchange Opportunity with NNN Anchor 638 Mount Prospect Ave 11 Apartment Units Online Auction Sale Newark, NJ 07104
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Investment Highlights
- 638 Mount Prospect Avenue is a fully occupied four-story mixed-use residential asset with an institutional medical anchor in Newark’s North Ward.
- New 10-year triple net (NNN) lease with a creditworthy tenant features built-in rent growth, ensuring stable, long-term income.
- Walkable to NJ Transit, Light Rail, and Broad Street Station, with direct access to Midtown Manhattan and major highways such as I-280 and GSP.
- Immediate cash flow; rent-controlled income from 11 stabilized residential units, including (3) HUD Section 8 voucher units, & an 8K SF retail space.
- Located on a prime corner in Forest Hill, a desirable historic district known for strong occupancy and long-term residential demand.
- Positioned within a dense trade area of 750,000 residents, renter-heavy demographics, and $8 billion in spending supporting long-term growth.
Executive Summary
Positioned at the highly visible corner of Mount Prospect and Elwood Avenues, 638 Mount Prospect Avenue presents a rare opportunity to acquire a fully occupied, four-story, 21,351-square-foot mixed-use asset in Newark’s sought-after North Ward.
The property combines a newly executed, 8K square-foot, 10-year NNN lease with a creditworthy institutional medical tenant, featuring built-in rent growth, with a stabilized residential component of 11 apartments, delivering immediate and reliable cash flow. The property also features a parking lot with 14 surface-level parking spaces.
Constructed with durable masonry and featuring separate entrances for residential and commercial uses, the building supports long-term tenancy and operational efficiency. Tenants benefit from on-site amenities, including parking and an income-producing laundry room. The opportunity also features three Section 8 HUD-supported units providing government-backed income stability. With below-market residential rents in place, 638 Mount Prospect Avenue offers clear upside through future mark-to-market potential, positioning it as an income-producing investment.
638 Mount Prospect Avenue’s strategic location within the historic Forest Hill district and along the Mount Prospect corridor offers direct access to transit and major thoroughfares. Newark Broad Street Station, NJ Transit bus service, and the Light Rail are all within walking distance, offering seamless connectivity to Midtown Manhattan in 30 minutes. The site lies within 2 miles of Interstate 280, providing direct links to the Garden State Parkway (GSP), Interstate 95, and the McCarter Highway.
The surrounding trade area spans more than 750,000 residents within a 5-mile radius, with 68% renter-occupied households and robust annual consumer spending exceeding $8 billion. Nearby retail, dining, and medical services create a vibrant, service-rich environment that supports residential demand.
Newark’s North Ward continues to demonstrate strong occupancy fundamentals and consistent demand driven by its proximity to New York City and established neighborhood. The Forest Hill Historic District contributes to long-term residential desirability, while the presence of institutional medical services fosters community reliance and tenant longevity. As a 100% occupied asset with day-one cash flow, built-in rent growth, and clear value-add potential, 638 Mount Prospect Avenue stands as a premier opportunity for investors seeking a stabilized, income-generating property ideally suited for a seamless 1031 exchange.
The property combines a newly executed, 8K square-foot, 10-year NNN lease with a creditworthy institutional medical tenant, featuring built-in rent growth, with a stabilized residential component of 11 apartments, delivering immediate and reliable cash flow. The property also features a parking lot with 14 surface-level parking spaces.
Constructed with durable masonry and featuring separate entrances for residential and commercial uses, the building supports long-term tenancy and operational efficiency. Tenants benefit from on-site amenities, including parking and an income-producing laundry room. The opportunity also features three Section 8 HUD-supported units providing government-backed income stability. With below-market residential rents in place, 638 Mount Prospect Avenue offers clear upside through future mark-to-market potential, positioning it as an income-producing investment.
638 Mount Prospect Avenue’s strategic location within the historic Forest Hill district and along the Mount Prospect corridor offers direct access to transit and major thoroughfares. Newark Broad Street Station, NJ Transit bus service, and the Light Rail are all within walking distance, offering seamless connectivity to Midtown Manhattan in 30 minutes. The site lies within 2 miles of Interstate 280, providing direct links to the Garden State Parkway (GSP), Interstate 95, and the McCarter Highway.
The surrounding trade area spans more than 750,000 residents within a 5-mile radius, with 68% renter-occupied households and robust annual consumer spending exceeding $8 billion. Nearby retail, dining, and medical services create a vibrant, service-rich environment that supports residential demand.
Newark’s North Ward continues to demonstrate strong occupancy fundamentals and consistent demand driven by its proximity to New York City and established neighborhood. The Forest Hill Historic District contributes to long-term residential desirability, while the presence of institutional medical services fosters community reliance and tenant longevity. As a 100% occupied asset with day-one cash flow, built-in rent growth, and clear value-add potential, 638 Mount Prospect Avenue stands as a premier opportunity for investors seeking a stabilized, income-generating property ideally suited for a seamless 1031 exchange.
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Street View
Street
Map
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
Market Analytics Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Amenities
Site Amenities
- Laundry Facilities
- Storage Space
- Public Transportation
Exceptionally walkable
90/100
Moderately drivable
60/100
Strong public transit
80/100
Fairly bikeable
50/100
Sale Advisor
Sale Advisor
Jeannette Melillo, Vice President
Jeannette Melillo is a Vice President & Sales Associate at Newmark Associates CRE, where she specializes in the sale and leasing of commercial properties throughout Northern and Central New Jersey. Known for her analytical approach, strong market knowledge, and high-touch client service, Jeannette represents owners, investors, landlords, and tenants across retail, industrial, medical/office, and mixed-use asset classes.
Jeannette is recognized for her ability to deliver accurate Broker Opinions of Value, strategic positioning, and proactive deal management from first contact through closing. Her experience includes representing multi-building portfolios, negotiating complex lease structures, advising on valuations, and guiding property owners through repositioning, expansion, or disposition strategies.
With a background deeply rooted in community engagement and mentorship, Jeannette also leads Newmark’s partnership with the Newark Board of Education, creating hands-on commercial real estate programs for high school students and building pathways for future industry professionals.
Clients value Jeannette for her responsiveness, integrity, and ability to simplify complex transactions while advocating strongly on their behalf. Whether marketing a property, sourcing off-market opportunities, or managing intricate negotiations among attorneys, architects, and stakeholders, she brings clarity, expertise, and trusted guidance to every engagement.
Jeannette is recognized for her ability to deliver accurate Broker Opinions of Value, strategic positioning, and proactive deal management from first contact through closing. Her experience includes representing multi-building portfolios, negotiating complex lease structures, advising on valuations, and guiding property owners through repositioning, expansion, or disposition strategies.
With a background deeply rooted in community engagement and mentorship, Jeannette also leads Newmark’s partnership with the Newark Board of Education, creating hands-on commercial real estate programs for high school students and building pathways for future industry professionals.
Clients value Jeannette for her responsiveness, integrity, and ability to simplify complex transactions while advocating strongly on their behalf. Whether marketing a property, sourcing off-market opportunities, or managing intricate negotiations among attorneys, architects, and stakeholders, she brings clarity, expertise, and trusted guidance to every engagement.
About the Auction Technology
Auctions by Ten-X are the #1 transaction technology powering commercial real estate transactions online. With over $34B in total transactions, these auctions use best-in-class technology and real-time asset intelligence to put listings in the best position to find the perfect buyer. The expedited auction timeline, comprehensive due diligence, and buyer qualification make transactions twice as fast and twice as certain for brokers, owners, and investors.
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Auction Contact
Taylor Cunningham
Contact
Auctioneer License:
Ten-X Commercial, LLC Arlene Richardson RE Brkr 2187404
1 of 39
Videos
Matterport 3D Exterior
Matterport 3D Tours
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000 USD
Maximum Transaction Fee
$300,000 USD
Example Calculation
Winning Bid Amount
$5,000,000 USD
Transaction Fee
$150,000 USD (3%)
Total Purchase Price
$5,150,000 USD
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1031 Exchange Opportunity with NNN Anchor | 638 Mount Prospect Ave
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1031 Exchange Opportunity with NNN Anchor | 638 Mount Prospect Ave
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